The Joint Legislative Budget Committee comprising members of the House of Representatives and the Liberian Senate has formally begun the hearing of the revenue component of the draft Budget yesterday, Thursday, November 25 in the House’s first floor conference room, Capitol Building, Monrovia
According to a press release from the Press and Public Affairs Department of the House of Representatives, the Ministry of Finance & Development Planning (MFDP), the Liberia Revenue Authority (LRA), and Liberia Telecommunications Authority (LTA) appeared on day one of the budget hearing.
Speaking on behalf of the MFDP, the Deputy Minister of Finance for Fiscal Affairs, Samora Wolokollie said the National Resource envelope is United States Dollar equivalent of Seven Hundred Eighty-Five Million, Five Hundred Eighty-Seven Thousand, Three Hundred One Dollar, Twenty-Five Cents (US$785,587,301.25) of which 13% of that amount or (LRD21.0 billion) is domestic currency, and $681.9 million or 87% is actual United States dollars.
Deputy Minister Wolokollie stated that the average annual projected exchange rate by the Central Bank of Liberia is US$1:202.7 LRD. He said the domestic revenue projection is US$640.2 million or 82%, while External Resources account for US$145 million or 18%.
“Revenue assumptions are supported by the following macro-economic and tax policy assumptions: Real GDP (in dollar terms) for 2021 is estimated at US$3.2 billion and is expected to reach us$3.3 billion in 2022.
“The statistics speak to the good health of the economy under our stewardship. For FY 2022, there are no new tax policy measures underpinning this budget, however we intend to further strengthen those policies that are already in effect. Tax Revenue, which forms the dominant share of government revenue, consists of compulsory transfers to the general government sector,” Wolokollie said.
The Commissioner General of the Liberia Revenue Authority (LRA) Thomas Doe Nah said the LRA is determined to raise the US$US$640,587,340.The Joint Legislative Budget committee is being chaired by Rep. Thomas Fallah and the co-chair is Senator Morris Saytumah.